PARIS — Hennes & Mauritz AB said it plans to open its first store in India in the second half of this year as part of its ongoing expansion, which will also see the Swedish high street chain entering Australia and the Philippines.
“We are very excited to open our first store in India. It is one of the most exciting countries in the world right now, with so much potential,” said Karl-Johan Persson, chief executive officer of H&M.
H&M is looking at several locations, but has yet to choose the city where its first Indian store will open, said Kristina Stenvinkel, head of communications at H&M.
The company plans to open about 375 stores in 2014, with new flagships set for New York, Milan and Shanghai, among others. Nils Vinge, head of investor relations at H&M, said recently it also sees good opportunities for expansion in Russia, Germany, Italy and Poland.
H&M is present in 53 markets worldwide, with over 3,132 stores at the end of the 2012-2013 fiscal year.